Example Purchase Quotation of a Leasehold House

EXAMPLE PURCHASE QUOTATION OF A LEASEHOLD HOUSE

Our quotation covers all of the work required to complete the purchase of your new home, including dealing with registration at the Land Registry and dealing with the payment of Stamp Duty Land Tax (Stamp Duty) if the property is in England, or Land Transaction Tax (Land Tax) if the property you wish to buy is in Wales.

To provide you with a quote, we will require the following information:
Client Name
Client’s Correspondence Address
Address of the property to be purchased
The Tenure and the Purchase Price
Our fees are largely governed by the purchase price and may vary if this changes

Based on the information you have supplied, the fees and disbursements in relation to your purchase will be:

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Our Fees

Our legal fees in connection with the purchase (example based on purchase of £120,000.00)
£620.00
VAT thereon @ 20%
£124.00
Our additional legal fees for dealing with the Leasehold aspect
£80.00
VAT thereon @ 20%
£16.00
Electronic Money Transfer Fee to transfer purchase funds to seller's solicitor on completion
£35.00
VAT thereon @ 20%
£7.00
Our administration fee for carrying out electronic identity verification (£18.00 per person)
£15.00
VAT thereon @ 20%
£3.00
Disbursements 
  
Disbursements are costs related to your matter that are payable to third parties,    
such as Searches and Land Registry fees. There may also be certain disbursements 
which will be set out in the individual lease relating to the Property. 

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Local Search - This fee varies based on which local authority serves the property
£145.60
Drainage Search - This may vary based on which water provider is supplying the property
£54.59
Coal Mining Search - This is only applicable if the property is within a Coal Mining Area
£50.71
LMS Fee - Legal Marketing Services Limited (£25.00 plus VAT) dependant on lender
£30.00
HM Land Registry Search
£3.00
HM Land Charges Search (£2 per purchaser/gift donor)
£2.00
HM Land Registry Registration Fee on completion
£100.00
Stamp Duty - This amount depends on the purchase price of your property, the total number of properties you will own after completion and if the purchase is replacing your main residence. You can calculate the amount you need to pay by using HMRC's website or if the property is located in Wales by using the Welsh Revenue Authority's website.
£TBC

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ESTIMATED Legal Fees and Disbursements
£1285.90
This is an example provided for illustrative purposes to show how we work.
Charges and costs vary considerably between matters.
This information is a general indication of our likely costs.

Our fee assumes that:
        
A. This is a standard transaction and that no unforeseen matters arise including, for example (but not limited to) a defect in the title which requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction 

B. this is the assignment of an existing lease and is not the grant of a new lease  
       
C. The transaction is concluded in a timely manner and no unforeseen complications arise 

D. All parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation         
E. No indemnity policies are required. Additional disbursements may apply if indemnity policies are required

     

Please contact us for a personalised quote.


Disbursements
Please note that the disbursements listed above are not exhaustive and other disbursements may apply depending on the term of the lease. 
We shall update you on the specific fees upon receipt and review of the lease from the seller's solicitors.
• Notice of Transfer fee – This fee if chargeable is set out in the lease.
• Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease.
• Deed of Covenant fee – This fee is provided by the management company.
• Certificate of Compliance fee.
These fees listed vary from property to property. 
We can give you accurate figures once we have sight of your specific documents.
You should also be aware that ground rent and service charge are likely to apply throughout your ownership of the property. We shall confirm the ground rent and the anticipated service charge 
as soon as this information is received.


How long will my house purchase take?
How long it will take from your offer being accepted until you can move in to your house will depend on a number of factors. The average process takes between 8-12 weeks. 
It can be quicker or slower, depending on the parties in the chain and their circumstances.
For example, if you are a first time buyer, purchasing a new build property with a mortgage in principle,
it could take 8 weeks if the property is already built. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer,
between 3 and 12 months. In such a situation additional charges would apply.


Stages of the process
The precise stages involved in the purchase of a residential property vary according to the circumstances.
These include:

• Taking your instructions and giving you initial advice
• Checking finance is in place to fund the purchase and contacting the lender's solicitors if needed
• Receiving and advising on contract documents
• Carrying out searches
• Obtaining further documentation if required
• Making any necessary enquiries of seller's solicitor
• Giving you advice on all documents and information received
• Considering conditions of mortgage offer with you
• Arranging an appointment for you to review and
sign all the relevant documentation, i.e. Contract, Transfer, Lease
• Agreeing a completion date (date from which you own the property)
• Arranging for all monies required to be received from the lender and yourself
• Exchanging contracts and notifying you that this has been effected
• Completing purchase
• Dealing with payment of Stamp Duty/Land Tax
• Dealing with the application for registration of title at the Land Registry
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